Investor2004: When the SEC suspends a stock for delinquent Financials there is a 100% surety that the SEC Admin Law Judge will revoke the stock registration and Brokers do not want to process new buy orders where they would not be able to complete the settlement process. Brokers cannot deny sell orders since they allowed the original purchase orders but they protect themselves and their clients by not allowing any new buy orders, unless those buy orders are in-house from client to client where settlement would not be a problem WHEN the stock registration is revoked.
You may refer to the following post, particularly the second segment under Suspended SEC Filers Sent to the Grey Sheets and then revoked:
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